RIGA - Latvijas Mobilais Telefons has announced that it broke all records last year, with unaudited profits reaching 54.6 million lats (77.6 million euros), a 29 percent increase from 2003, and revenues growing 14.7 percent to 149.3 million lats.
"The year 2004 was successful for the company because the number of clients grew significantly, new services were introduced and excellent financial results achieved," company president Juris Binde said.
"LMT's business strategy to invest in communication network development and new technologies has justified itself as we've succeeded in meeting targets and increasing turnover, further strengthening our position as the telecommunications market leader," he said.
Binde added that a favorable economic situation, GDP growth and increased consumer purchasing power had also contributed to LMT's success.
The company paid 25.9 million lats in taxes last year, making it one of the country's largest taxpayers.
Last year LMT made capital investments to the amount of 18 million lats, but, since the company's 1992 foundation, total investments have reached 176.7 million lats.
The company's client-base increased by 143,500 to 752,531 in 2004 and now makes up 32.6 percent of Latvia's population. The company's mobile communication network covers 98 percent of national territory, making its services available to 97.4 percent of the population.
In 2003, LMT showed a profit of 42.3 million lats on a turnover of 130.2 million lats.
LMT owners are Digitalais Latvijas Radio un Televizijas Centrs with 23 percent, Lattelekom fixed-line telecommunications company with 23 percent, the state as represented by the Transport Ministry with 5 percent and the Scandinavian telecommunications concern TeliaSonera with 49 percent.
LMT was the nation's first mobile telecommunications operator. The operator is now accompanied by Tele2 and Triatel, which has launched service to the CDMA standard.
